COMMITTEE SUBSTITUTE FOR
ORDINANCE NO. 951023
Approving
Redevelopment Project 7 of the Summit Tax Increment Financing Plan as a
Redevelopment Project and adopting Tax Increment Financing therein.
WHEREAS,
the City Council of Kansas City, Missouri (the "City Council"), by
Ordinance No. 54556 adopted on November 24, 1982, amended by Ordinance No.
911076 adopted on August 29, 1991, created the Tax Increment Financing
Commission of Kansas City, Missouri (the "Commission"); and
WHEREAS,
on July 12, 1995, the Commission adopted a resolution recommending to the City
Council the adoption of a redevelopment plan entitled the "Summit Tax
Increment Financing Plan" (the "Redevelopment Plan"); and
WHEREAS,
on August 31, 1995, the City Council adopted Committee Substitute for Ordinance
No. 951016, which accepted the recommendations of the Commission as to the
Redevelopment Plan; approved the Redevelopment Plan; found the Redevelopment
Area to be a conservation area; designated the Redevelopment Area as a
redevelopment area pursuant to the Act; and authorized the Commission to take
all such action as may be needed to effectuate the Plan; and
WHEREAS,
the Redevelopment Plan and Committee Substitute for Ordinance No. 951016
contemplate the separate approval of each Redevelopment Project and the
adoption of Tax Increment Financing for each Project at the discretion of the
City Council; NOW, THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. All terms used in this ordinance must be construed as defined in Sections
99.800 to 99.865 of the Revised Statutes of Missouri, as amended.
Section
2. The Redevelopment Project 7 legally described as:
TRACT
9:
All that part of the land platted as Waldo
Tract, a subdivision in Kansas City, Jackson County, Missouri, (including part
of Lot 38 and all of Lots 39 through 41, and Lots 42 through 44, and part of
Lot 45, and part of Lots 76 through 80, and part of vacated Waldo Avenue
vacated by Ordinance No. 52333, a copy of which was recorded December 30, 1926
in Book B-2735, at Page 504, as Document No. A-324002, and part of the vacated
East-West alley vacated by Ordinance No. 52332, a copy of which was recorded
December 30, 1926 in Book B-2738, at Page 510, as Document No. A-324001; and
part of the vacated North-South alley vacated by Ordinance No. 52334, a copy of
which was recorded December 30, 1926 in Book B-2735 at Page 502, as Document
No. A-324000 and including part of the reserved one foot wide strip of land
lying East of, and adjacent to said vacated North-South Alley) that lies within
the boundaries of the tract deeded by The Jasper Land and Improvement Company
to the United States of America in the deed filed November 4, 1929 in Book
B-2942, at Page 602, as Document No. A-429307.
TRACT 10:
That
part of the East-West alley established by the recorded plat of Waldo Tract, a
subdivision in Kansas City, Jackson County, Missouri, which lies East of the
West line, projected South, of the tract described as Parcel Number 1" of
the Deed of Dedication filed July 27, 1929, in Book B-2916, at Page 237, as
Document No. A-420476, as corrected by the document filed September 6, 1929, in
Book B-2916, at Page 615, as Document No. A-424132, and West of the East line,
projected South, of said Parcel Number 1.
TRACT 11:
The
tract described as Parcel Number 1" of the Deed of Dedication filed July
27, 1929, in Book B-2916, at Page 237, as Document No. A-420476, as corrected
by the document filed September 6, 1929, in Book B-2916, at Page 615, as
Document No. A-424132.
TRACT 12:
That
part in the North half of 25th Street lying South of and adjacent to Lots 76
and 77, Waldo Tract, a subdivision in Kansas City, Jackson County, Missouri,
said North half of 25th Street having been established by the recorded plat of
Waldo Tract, a subdivision in Kansas City, Missouri.
TRACT 13:
The
tract described as Parcel Number 2" of the Deed of Dedication filed July
27, 1929, in Book B-2916, at Page 237, as Document No. A-420476, as corrected
by the document filed September 6, 1929, in Book B-2916, at Page 615, as
Document No. A-424132.
TRACT 14:
That
part of the South half of the East-West alley established by the recorded plat
of Waldo Tract, a subdivision in Kansas City, Jackson County, Missouri, which
lies East of the East line, projected South, of the tract described as Parcel
Number 1" of the Deed of Dedication filed July 27, 1929, in Book B-2916,
at Page 237, as Document No. A-420476, as corrected by the document filed
September 6, 1929, in Book B-2916, at Page 615, as Document No. A-424132, and
West of the reserved one foot wide strip of land that comprises the East one
foot of said land platted as Waldo Tract.
is
approved.
Section
3. Tax increment allocation financing is adopted for Redevelopment Project 7.
After the total equalized assessed valuation of the taxable real property in
the area selected for Redevelopment Project 7 exceeds the certified total
initial equalized assessed value of all taxable real property in the area
selected for such Redevelopment Project, the ad valorem taxes and payments in
lieu of taxes, if any, arising from the levies upon taxable real property in
the area selected for such Redevelopment Project by taxing districts and tax
rates determined in the manner provided in Subsection 2 of Section 99.855,
RSMo, each year after the effective date of this ordinance until Redevelopment
Project Costs have been paid will be divided as follows:
a. That portion of taxes
levied upon each taxable lot, block, or parcel of real property which is attributable
to the initial equalized assessed value of each such taxable lot, block, tract,
or parcel of real property in the area selected for Redevelopment Project 7
will be allocated to and, when collected, will be paid by the Jackson County
Collector and the City Treasurer to the respective affected taxing districts in
the manner required by law in the absence of the adoption of tax increment
allocation financing.
b. Payments in lieu of taxes
attributable to the increase in the current equalized assessed valuation of
each taxable lot, block, tract, or parcel of real property in the area selected
for Redevelopment Project 7 over and above the initial equalized assessed value
of each such unit of property in the area selected for Redevelopment Project 7
will be allocated to and, when collected, will be paid to the City Treasurer,
who must deposit such payments in lieu of taxes into the Summit Special
Allocation Fund of the City for the purpose of paying Redevelopment Costs and
obligations incurred in the payment thereof. Any payments in lieu of taxes
which are not paid within 60 days of the due date are deemed delinquent and
will be assessed a penalty of 1% per month.
Section
4. In addition to the payments in lieu of taxes described above, and subject
to annual appropriation, fifty percent (50%) of the total additional revenue
from taxes which are imposed by the municipality or other taxing districts, and
which are generated by economic activities within the area selected for
Redevelopment Project 7 over the amount of such taxes generated by economic
activities within the area selected for Redevelopment Project 7 in the calendar
year prior to the approval of Redevelopment Project 7 by ordinance, while tax
increment financing remains in effect, but excluding taxes imposed on sales or
charges for sleeping rooms paid by transient guests of hotels and motels,
licenses, fees or special assessments and personal property taxes, other than
payments in lieu of taxes, will be allocated to, and paid by the collecting officer
to the treasurer or other designated financial officer of the municipality, who
must deposit such funds in a separate segregated Summit Economic Activities
account within the Summit Special Allocation Fund for the retirement of
obligations or payment of Redevelopment Project Costs as defined in the
Redevelopment Plan.
_____________________________________________
Approved
as to form and legality:
___________________________________
Assistant
City Attorney